July 5, 2000

11:17 PM

T-206The most valuable baseball card of all time is up for auction on Ebay. Honus Wagner T206
posted by owillis (5 comments total)

"Patricia Gibbs, a postal worker from Florida, achieved baseball card collecting immortality when her name was pulled from the trunk as the winner, but was forced to immediately sell the card to pay the taxes she owed for winning such a valuable prize. In November 1996, she consigned the card to Christies where the card sold at auction in a frenzied bidding war for a then record $640,500."

Whereupon she owed even *more* money, as tax on the income.

Did I miss something?

And is it time to abolish the IRS now, like Reagan did with Russia?
posted by baylink at 2:52 PM on July 6, 2000

There. have. been. people. working. on. this. already, but to no avail.
posted by ZachsMind at 7:35 PM on July 6, 2000

The interesting thing about the card is that it was to be distributed in cigarette packs. Wagner opossed the promotion because he did not want to be associated with an unhealthy image and only 50 cards were printed.


posted by hoser at 12:31 AM on July 7, 2000

The Flying Dutchman is also the greatest shortstop to ever play the game, much as I want to make an exception for a certain creaky sentimental favorite.
posted by snarkout at 9:32 AM on July 7, 2000

Lessee.

$500,000 winnings, taxed at 39.6% = $198,000.

Sell it for $640,000, capital gains of $140,000, taxed at short-term rate = $55,440.

Total taxes: $253,440.
Net: $486,560.

I don't think she did too badly.

posted by dhartung at 11:03 AM on July 7, 2000